Daily News Roundup - June 7

Daily News Roundup - June 7

By Abhimanyu Krishnan | News | 7 Jun 2021


There's plenty happening in the crypto market right now as the Bitcoin 2021 conference continues and governments reckon with Bitcoin. Here's the latest roundup on what's been happening.

1. El Salvador to Consider Making Bitcoin Legal Tender

El Salvador Bitcoin

The President of El Salvador, Nayib Bukele, is planning to make Bitcoin legal tender in the country. The country’s legislative body will review a bill in the upcoming week. If the bill does go through, El Salvador would become the first country to recognize the asset as currency on a national level. The country is also planning to do the same for the US Dollar.

Jack Mallers, founder of the Lightning Network payments platform Strike, announced the nes at the Bitcoin 2021 conference in Miami. Bukele is reportedly working with the company to implement the currency as legal tender. The bill will be considered by the country’s legislative assembly on June 12.

2. Anonymous May Be Targeting Elon Musk for "Destroying Lives"

Anonymous

Tesla CEO Elon Musk has earned the ire of hacking group Anonymous. In a video posted on YouTube, the group  said that Musk had “destroyed lives” as a result of his inflammatory tweets on the crypto market. Calling his comments “public temper tantrums”, Anonymous lambasted Musk for what they deemed a false impression of siding with the common person, instead stating that he is just “another narcissistic rich dude who is desperate for attention."

Musk has angered the crypto community in recent weeks for his tweets on Bitcoin, some of which highlight an ignorance of how the tech works. He has called for an improvement of Dogecoin’s scalability by simply “bumping up the numbers” -- which Vitalik Buterin when on to rebut in a detailed blog post.

3. Square Invests $5M in Solar Powered Bitcoin Mining Facility, Could Release its Own Hardware Wallet

Jack Dorsey Square

Square CEO Jack Dorsey said that the company will spend $5 million to build a solar powered Bitcoin mining facility in association with Blockstream. The latter will take care of the actual implementation, with both parties stating that they are keen on shifting mining onto renewable energy. The initiative will create a public facing dashboard to “serve as a transparent case study for renewable energy and bitcoin mining”

In a separate development, Square also said that it may release a crypto hardware wallet of its own. Dorsey tweeted that the wallet would be built “entirely open”, including hardware and software design, and in collaboration with the community. The wallet would be integrated with Square’s Cash App, which lets retail investors buy Bitcoin easily.

4. Solana Reportedly Looking to Raised Between $300 and $450 Million

Solana

The Solana blockchain is planning to raise between $300 and $450 million, according to a report by Decrypt. The funds will go towards the creation of Dapps, which would help it compete with Ethereum, the home for most Dapps in the crypto space.

Anonymous sources told the publication that the plan was to close a smaller funding round in March, but that high demand has spurred a larger fundraiser. The Solana network is faster and cheaper than Ethereum, with a claimed throughput of 50,000 transactions per second. Solana has raised $21.8 million so far, according to Crunchbase.

5. Ruffer Sells Bitcoin Holdings and Earns a Massive $1.1 Billion

BTC

Ruffer Investment Management, a UK based investment management company, has generated $1.1 billion in profits from its Bitcoin investments five months ago, according to a report from The Times.  Ruffer invested 2.4% of its $27 billion in holdings into Bitcoin last November, since capitalizing on the remarkable gains Bitcoin has made. 

Ruffer’s investment director Haish Baillie said the decision to sell Bitcoin had been made because it did not expect younger people to trade as much following the end of lockdowns. The initial purchase had made Ruffer one of the first fund managers to buy Bitcoin, an act that has been repeated many times by other fund managers. 

6. Tony Hawk Reveals He Bought Bitcoin Back in 2021

Tony Hawk

Skateboarding legend Tony Hawk purchased Bitcoin way back in 2021, he revealed at the Bitcoin 2021 conference in Miami. In a panel titled “countercultures go mainstream”, Hawk drew comparisons between skateboarding and Bitcoin, in that they were once niche ideas that have gone mainstream. He told the audience to “stick with it” if they believed in what they were doing.

Hawk bought his first Bitcoin off of Silk Road to check Bitcoin’s capabilities as a means of payment. He said that “it was very fast and international. For me, it was the future of finance.” Hawk is also dabbling in NFTs, selling one of his trick videos as an NFT on Ethernity Chain.

 

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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